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  Economics : Rates of Return/ IRR

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DJ Basin: Analysts See the Value of the Basin Competitive with all other basins 90 70 % 63 % 83 Breakeven (PV-10, 20:1 WTI:HH Ratio, US / bbl) 80 74 60 % 54 % 70 70 67 64 50 % 58 59 60 55 50 50 48 48 48 48 40 % 41 % 41 % 45 46 IRR 41 30 % 38 39 39 40 30 % 34 31 % 34 % 30 25 % 23 % 20 % 20 % 19 % 20 17 % 10 % 10 11 % 11 % 5% 3% 4% 7% 0% 6% 0 0% (1) Piceance Basin Permian STACK Eagle Ford Powder River Basin SCOOP Haynesville TMS Marcellus Cotton Valley Barnett Gulf Coast Arkoma Woodford DJ Basin Bakken SK Bakken Utica Montney Fayetteville Uinta Basin Half Cycle: Excludes Acreage Acquisition Costs Source: RS Energy Group. Note: Basin breakeven reflect single well economics. (1) Permian basin breakeven represents Midland basin breakeven.
Extraction Oil and Gas
May 2019

Refocused, Reengineered, Reenergized Transitioning back to free cash flow Returns-focused capital discipline Northeast Appalachia Monetized future Fayetteville cash flow 100% gas(2) 191,226 Net Acres(3) YE17 Proved Reserves 4.1 Tcf Reduced debt by 2.1 billion 19E Net Production(2) 1,300 Mmcf/d Initiated 200 million share repurchase Annual cost savings over 150 million Committed to achieving sustainable 2X net debt/EBITDA Portion of proceeds focused on EBITDA growth through higher-return liquids projects Doing more with less, driving further cost efficiencies and performance improvements Expect to return to free cash flow by Southwest Appalachia 45% gas, 46% NGL, 9% oil(2) end of 2020(1) 290,291 Net Acres(3) YE17 Proved Reserves 7.0 Tcfe (1) Assumes strip pricing at time of guidance issued February 5, 2019, current year at 2.85 per 19E Net Production(2) 833 Mmcfe/d MMBtu NYMEX Henry Hub and 50 per barrel WTI (2) Commodity assumptions based on midpoint of production guidance issued February 5, 2019 (3) Net acres as of September 30, 2018 3
Southwestern Energy Co.
February 2019

ATAX IRR 20% 40% 60% 80% 0% 100% Woodenhouse ** Ellerslie ** Frobisher/Alida Montney Eagle Ford Woodford Marcellus Eagle Ford Woodford Lloydminster Mannville Eagle Ford Ellerslie Condy Wasatch Unfracked Meramec SE Sask Bakken Frobisher/Alida Montney Montney Shaunavon Austin Chalk Midale Viking Provost Ratcliffe/ Bakken SW Sask Viking Duvernay Midale Turner Sand WY Sand Kakwa Turner Montney Upper Mannville Montney Bakken Permian Spirit River Permian Permian Spirit River Marcellus VET Viking Permian Upper Mannville Montney Permian Permian Midale Montney Montney Marcellus Permian ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS Spirit River SPE *** Eagle Ford SE Sask Fracd Midale Utica Permian Basin/West Central AB Ellerslie Liquids-Rich Gas Play IRR 120%. *** Spartan Energy assets acquired on May 28, 2018. Utica Permian Permian Woodford Permian Gething Montney Eagle Ford Cardium Cardium Oil/Liquids Torquay Cardium Duvernay Niobara Permian Cardium Woodford Permian Mannville Viking Gas PROJECT RANKING BY AFTER TAX (ATAX) IRR Utica Deep Basin Bakken SE Sask Torquay Dunvegan Cardium Permian Eagle Ford NORTH AMERICAN PROJECT RANKING Montney Permian Montney Cotton Valley Codell Barnett Shale Duvernay Marcellus Woodford Mississippian Lime * Scotia Capital research, April 2018. Price assumptions: WTI US60/bbl, HH Natural Gas US3.50/mcf, AECO 3.15/mcf, USD/CAD 0.825. ** Woodenhouse Heavy Oil Play IRR 299%; Deep Bakken Cleveland SAGD - Heavy Oil Bakken Swan Hills Bakken Bakken Duvernay Haynesville Permian Eagle Ford SAGD - Oil Sands Fayetteville Marcellus Granite Wash Permian 73
Vermilion Energy Inc.
September 2018
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